Has your civil claim or personal injury settlement already been resolved? Are you in a space where you are waiting for your settlement funds to come in, but you have yet to find financial relief? If so, post-settlement funding may be a good option for you.
However, before you decide to take out a post-settlement lawsuit loan, it is important to understand how they work, how you can spend your funds, and how to pay back your post-settlement funding.
In This Article
- Post-Settlement Funding Explained
- When to Apply for Post-Settlement Funding
- Benefits of Post-Settlement Funding
- What Does Post-Settlement Funding Cost?
- Qualifying for Post-Settlement Funding
- Applying for Post-Settlement Funding
- Paying Back Your Post-Settlement Loan
- Contact Our Loan Specialists for Post-Settlement Funding Today
Post-Settlement Funding Explained
Once your civil claim or personal injury lawsuit has been resolved, and the courts have come down in your favor, the defendant will be ordered to compensate you for the value of your damages. However, liable parties are generally not required to pay the total amount of the settlement upfront. In fact, it could be weeks, months, years, or longer before you receive the full amount of your settlement.
That is where post-settlement legal funding can make all the difference in your life. While you are still struggling with the aftermath and expenses associated with what you have been through, you may deal with financial insecurity. You should not have to continue to struggle once your case has been resolved. With post-settlement funding, you can access a cash advance of your funds in as few as 24 hours.
Then, when your settlement funds come in, you can pay back your post-settlement loan and start over financially. Post-settlement funding can also be used for litigators and personal injury attorneys who leverage their contingency fees or obtain funding for their small law firm.
To apply for free, call (877) 735-0016
When to Apply for Post-Settlement Funding
You may not be sure whether it is in your best interests to apply for post-settlement funding. However, if you are still struggling to cope with the impact of your medical bills and loss of income and are otherwise finding it difficult to support yourself or your family, post-settlement funding is a risk-free way to avoid getting into further debt.
Since post-settlement funding is non-recourse, you may be able to qualify for post-settlement funding as opposed to a traditional bank loan. You do not have to worry about High Rise Financial running your credit, requiring you to prove your source of income or provide credit references either.
Benefits of Post-Settlement Funding
The benefits of post-settlement funding are undeniable. The instability of financial distress can be difficult to overcome. However, if you can get an advance on your settlement funds, you can begin rebuilding your life now.
Some of the top benefits of post-settlement funding include:
- The ability to see post-settlement funds in your bank in 24 hours or less
- Avoiding compound interest associated with traditional bank loans
- Not being required to pay back your loan if your attorney loses your case or the liable party does not send out your settlement check
What Does Post-Settlement Funding Cost?
Many people have concerns that taking on a post-settlement loan is going to put them into further debt. However, we never charge compound interest rates, and our fees are more than reasonable. While some companies could charge exorbitantly high interest rates, exceeding 100% annually, when you go with High Rise Financial, you could receive interest rates as low as 15%.
Since you have already won your case, your interest rates may be considerably lower than if you were to apply for pre-settlement funding. High Rise Financial is absorbing all of the risk associated with your case. This means if you were seeking High Rise Financial funding, and there was a chance that you could lose your case, the interest rates you would receive would be higher.
Your post-settlement cash advance carries much less risk to not only you but High Rise Financial as well. This means we may be willing to provide you with more post-settlement funding at a lower interest rate while you wait for your settlement check to come in.
Complete a Free Application form now
Qualifying for Post-Settlement Funding
There are specific requirements that you will have to meet if you hope to qualify for post-settlement funding. First, it is important to know that only plaintiffs and civil claims are eligible for post-settlement funding, not defendants. You must also have been awarded compensation in your insurance or civil claim and are expected to receive this settlement by a specific date.
There are many different types of cases that may qualify for post-settlement funding, some of which could include:
- Car accidents
- Motorcycle accidents
- Truck accidents
- Bicycle accidents
- Pedestrian accidents
- Medical malpractice
- Birth injuries
- Whistleblower lawsuits
- Labor law violation claims
- Defective medical device lawsuits
- Product liability claims
Applying for Post-Settlement Funding
When you are ready to move forward with your application for post-settlement funding, there are many factors our loan specialists will take into consideration when evaluating your application. These include:
- Reviewing how much money you are requesting in post-settlement funding
- Speaking with your attorney to determine how much your legal case was settled for and how much you are expected to be awarded
- Reviewing a copy of your insurance company’s legal obligation from your lawyer
- Reviewing a copy of your signed general release form
Depending on how much you were awarded in your civil claim, it is possible High Rise Financial could authorize up to $1 million in legal funding. However, generally, you can expect to be awarded approximately 20% of your anticipated payout.
Paying Back Your Post-Settlement Loan
Once your attorney receives your civil settlement check, they will need to pay back your post-settlement loan, cover your medical expenses, work with the health insurance company, and deduct their own attorney’s fees.
From there, the remaining balance of your settlement will be sent to you in the form of a personal injury check. You can use the remaining balance as you wish. The money is yours as non-taxable income.
Contact Our Loan Specialists for Post-Settlement Funding Today
If you are ready to obtain the financial relief you need, do not hesitate to contact High Rise Financial to discuss your post-settlement funding options today. You can fill out our application, complete our quick contact form, or call us if you have questions or concerns regarding your post-settlement funding.